2020 -- H 8049

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LC005404

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2020

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A N   A C T

IN AMENDMENT OF CHAPTER 974 OF THE PUBLIC LAWS OF 1940, ENTITLED "AN

ACT TO INCORPORATE THE STONE BRIDGE FIRE DISTRICT AND TO FURNISH A

SUPPLY OF WATER FOR THE TOWN OF TIVERTON"

     

     Introduced By: Representatives Edwards, Canario, and Bennett

     Date Introduced: June 18, 2020

     Referred To: House Municipal Government

     It is enacted by the General Assembly as follows:

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     SECTION 1. Section 8 of Chapter 974 of the Public Laws of 1940, as amended, entitled

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"An act to incorporate the Stone Bridge fire district and to furnish a supply of water for the town

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of Tiverton" is hereby further amended to read as follows:

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     Sec. 8 (a) For the purpose of raising money to carry out any of the provisions of this chapter,

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the district is hereby authorized and empowered to issue bonds from time to time and at any time

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under its corporate name and seal, bearing not more than 6 per cent interest, per annum, payable

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semi-annually, at such times, not exceeding 60 years from the date thereof , and for such sums, as

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said district may at an annual special meeting by vote decide; the amount for which said district

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may issue bonds shall not exceed in the aggregate the sum of $425,000.00. Said bonds shall be

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obligatory upon said district in the same manner and to the same extent as other debts lawfully

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contracted by said district; provided, however, that no more than $15,000.00 in amount of the

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principal of said bonds shall be made due and payable in any one year, if said bonds are issued as

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serial bonds; and any serial bonds authorized under the provisions of this section may be made

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payable in annual installments the first of which shall be payable not later than five years from their

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date and none of which shall be more than three times as large as the smallest prior installment. If

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not issued as serial bonds, the total amount of the principal of the bonds may be made clue and

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payable at their maturity; and in the latter case, the district shall provide a sinking fund sufficient

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for the redemption of the bonds, issued under authority of this chapter, when and as the same

 

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become clue and payable, and all premiums from the sale of said bonds, shall be placed to the credit

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of said sinking fund. Said district may also authorize and empower its treasurer to raise money

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upon its note, or notes, in such sum, or sums, as it may determine by vote at any regular or special

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elections; provided, however, that said sum or sums shall not exceed in the aggregate the sum of

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$5,000.00 in any one year, and the vote authorizing and empowering the treasurer to raise money

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upon the district's note or notes shall be construed as authority for the renewal or renewals of any

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note or notes he may have issued. Said note or notes shall be obligatory upon said district in the

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same manner and to the same extent as other debts lawfully contracted by said district.

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     (b) The Stone Bridge fire district is authorized to borrow funds, as needed, in an amount

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not to exceed on hundred thousand dollars ($100,000) per instance, to meet specific short-term

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financial obligations.

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     SECTION 2. This act shall take effect upon passage by the Rhode Island General Assembly

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and approval by a majority of the electors of the Stone Bridge fire district at the annual meeting of

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the district.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

IN AMENDMENT OF CHAPTER 974 OF THE PUBLIC LAWS OF 1940, ENTITLED "AN

ACT TO INCORPORATE THE STONE BRIDGE FIRE DISTRICT AND TO FURNISH A

SUPPLY OF WATER FOR THE TOWN OF TIVERTON"

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     This act would authorize the Stone Bridge fire district to borrow up to $100,000 in funds

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to meet specific short-term financial obligations.

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     This act would take effect upon passage by the Rhode Island general assembly and

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approval by a majority of the electors of the Stone Bridge fire district at the annual meeting of the

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district.

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